Legal · Sanctions & compliance
Sanctions Screening, KYC and AML Policy
Taurex Freight screens every counterparty, beneficial owner, vessel, and goods description against the UK Sanctions List (replaced the OFSI Consolidated List on 28 January 2026), plus UN, EU consolidated, and OFAC SDN. We follow the Money Laundering Regulations 2017 for KYC and AML.
Why this matters
UK sanctions are mandatory. Breaching them is a criminal offence under the Sanctions and Anti-Money Laundering Act 2018 — unlimited fine, up to 7 years' imprisonment, and OFSI civil monetary penalties up to the greater of £1m or 50% of breach value. Freight and trade routes are a recognised channel for sanctions evasion, so our screening is rigorous. The Director, Hardik Mistry, holds the MLRO role.
Lists we screen
UK Sanctions List (UKSL) at search-uk-sanctions-list.service.gov.uk is the legally definitive UK source since 28 January 2026 (the OFSI Consolidated List closed on that date). We also screen UN Security Council Consolidated, EU Consolidated Financial Sanctions, and OFAC SDN. Adverse media via OpenSanctions and internal review.
What we screen
For every booking: customer entity and beneficial owners, shipper and consignee, notify party, carrier and vessel or aircraft (IMO / tail number), sub-contracted agents and brokers, payment bank, goods description against goods control lists (dual-use, military, oil price cap), and origin / destination countries against jurisdiction-based sanctions. Customer accounts re-screened every 24 hours against UKSL updates.
KYC at onboarding
UK companies: Companies House number, registration certificate, last accounts, beneficial ownership (PSC), director list and IDs, EORI, VAT registration, bank mandate. Overseas: equivalent registry, UBO disclosure for >25% holders, PEP self-declaration, source of funds where relevant. We verify via Companies House public API and the UK Sanctions List.
Enhanced due diligence (EDD)
Applied where the customer is a Politically Exposed Person or has PEP beneficial owners, the shipment routes via a high-risk jurisdiction (FATF / UK MLR Schedule 3ZA), trade involves dual-use, military or paramilitary equipment, or Russia, Belarus, Iran, North Korea, Syria or Crimea is involved. EDD collects source-of-funds evidence, group structure chart, senior management approval, and raises monitoring intensity to per-shipment review.
Russia-specific controls
The UK Russia regime remains comprehensive (OFSI updated Enforcement and Monetary Penalties Guidance, February 2026). No service to designated persons. No carriage of oil above the price cap where the service is provided by a UK person or insurer. No carriage of dual-use, luxury, defence-related or sectorally-restricted goods. All Russia-related shipments require Director sign-off and a dedicated screening file before booking.
What happens if we get a hit
Operations stops processing immediately and the MLRO is informed within 1 hour. False positives are cleared with documented review. Real or unclear hits: we freeze any funds or goods we hold, do not tip off the counterparty (offence under POCA), report to OFSI at the earliest opportunity, file a Suspicious Activity Report to the NCA where money laundering is suspected, and seek an OFSI licence only where continued service is lawful (e.g. humanitarian).
Records and contact
All KYC, screening, and EDD records retained 5 years from end of relationship (MLR 2017 reg. 40), encrypted at rest, access-controlled to MLRO and authorised compliance staff. Customers and third parties with sanctions or KYC questions: [email protected]. Suspicious activity reports: NCA SAR portal (nationalcrimeagency.gov.uk). Sanctions breach reports: gov.uk/guidance/report-a-breach-of-financial-sanctions.
Last reviewed 2026-06-06.